Reports Q3 revenue $18.4M, consensus $17.55M. Non-GAAP gross margin was 71%, compared to 70% in Q3 2019. Non-GAAP net income was $2.4 million, or $0.08 per share on a basic and $0.07 per share on a diluted basis, compared to non-GAAP net income of $2.0 million, or $0.07 per share on a basic and $0.06 per share on a diluted basis, for Q3 2019.

Webinar entitled, "Sustaining CX Excellence in the Year of the Pandemic" focuses on how a business can sustain excellent customer experiences (CX) and agent experiences (AX) according to Forrester's PandemicEX Survey of Workers and will be held on April 9 at 2 pm. Webcast Link

Webinar entitled, "Sustaining CX Excellence in the Year of the Pandemic" focuses on how a business can sustain excellent customer experiences (CX) and agent experiences (AX) according to Forrester's PandemicEX Survey of Workers and will be held on April 9 at 2 pm. Webcast Link

Forrester updated its events lineup scheduled for Q2. As with its SiriusDecisions Summit, the company announced that its CX Sydney and CX North America events will also be held virtually. Additionally, Forrester is canceling its Technology & Innovation conferences in Europe and Asia Pacific. The ongoing impact of COVID-19 on Forrester's business remains difficult to project. Forrester estimates that holding its Q2 events virtually or canceling them will result in a reduction in revenues of $16M-$19M and a reduction in operating income of $11M-$14M. Forrester is implementing several cost-reduction measures that, if kept in place through the end of 2020, are expected to yield expense savings of at least $35M. The programs include reductions to travel, new hiring, and employee incentive compensation programs. The company expects to update its outlook for FY20 and other estimated effects of COVID-19 on financial results during its Q1 earnings call in early May. The company currently expects to hold all Q3 and Q4 events as planned.

Barrington analyst Vincent Colicchio upgraded Forrester to Outperform from Market Perform with a $34 price target. He believes the company is targeting an attractive market set for a rebound when the economy improves and believes its niche-focus has let it build a strong competitive position, Colicchio tells investors. Forrester's services to help business use digital technology better are considered strategic, noted the analyst.

Forrester announced that its SiriusDecisions Summit 2020 will now be delivered as a virtual conference, starting May 4. The decision has been made in light of the COVID-19 pandemic to ensure the health and safety of the more than 4,000 customers, partners, sponsors, and team members who attend. Summit 2020 will offer a robust, user-friendly platform to allow attendees to easily navigate within the virtual environment. Attendees will have access to all keynotes and track sessions, the marketplace and show floor experience, analyst one-on-ones to meet and discuss priorities, and virtual networking opportunities to interact and collaborate with other participants for a fully immersive experience. SiriusDecisions Summit in Austin is Forrester's single largest event. Forrester estimates that holding the Summit as a virtual event will result in a reduction in revenues of $7M-$9M and a reduction in operating income of $4M-$6M. This is Forrester's current estimate as of the date of this announcement, and the ultimate financial impact may be affected by a number of factors, including the number of attendees and sponsors and the company's ability to recoup certain costs for the event. The ongoing impact of COVID-19 remains difficult to project; the company will provide further information and expects to update its outlook for the full year 2020 to reflect the above financial impact during its first-quarter earnings call in early May. All other Forrester events are currently expected to be held as planned.